Prices of toiletries shoot up

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Prices of toiletries shoot up

Consumers feel the pinch

Prices of toiletries have shot up in recent months, burning a hole in the pocket of limited income group.

Almost all types of soaps, shampoo, toothpaste, detergent and toilet cleaners saw a price hike of up to 27 per cent at retail markets over the past few months.

Many manufacturers have also reduced the quantity of their product packs to adjust the prices, according to grocers.

Though some manufacturers cited the growing production costs as a reason behind the price hike, consumer rights activists strongly rejected the claim, saying that the import costs of raw materials of some products have even come down.

Prices of Lux beauty soap, weighing 100 gram, a product of Unilever Bangladesh, have increased to Tk 34 from Tk 30 and its 150 gm pack to Tk 45 from Tk 42 at the retail level over the last few months.

Lux is the most traded beauty soap in the country, having a 45 per cent market share, according to the Bangladesh Cosmetics and Toiletries Manufacturers’ Association (BCTMA).

The price of Unilever’s wheel brand, a market leader in cloth washing powders, soared to Tk 42 from Tk 35 per 500gm pack at the retail level.

The price of Rin, a detergent brand of the Unilever and one of the most chosen fast-moving consumer goods brands in the country, increased by 26.3 per cent per kg.

The price of mini-pack (20 gm) of Surf Excel, another detergent brand of the company, increased to Tk 5.0 from Tk 4.0, said Md Zaman, a sales executive of Mohammadpur-Dhanmondi-based NBS Distribution.

The price of Harpic, a product of Reckitt Benckiser Bangladesh (RB Bangladesh) and a market leader among toilet cleaners, increased to Tk 100 from Tk 85, registering a 17.6 per cent hike.

The price of Dettol soap (75 gm), another product of the company, went up to Tk 36 from Tk 32.

Kohinoor Chemicals Co has increased the price of one of its products-Sandalina beauty soap-by Tk 1.0 and Tk 2.0 for its 75gm and 125gm pack respectively, according to grocers.

Prices of shampoo (mini pack) of Head & Shoulders, Pantene, All Clear and Dove brands, have also increased by Tk 1.0 per mini pack, said Md Belal Hossain, a grocer at Shankar, West Dhanmondi, in the city.

Sunsilk (mini pack) shampoo of Unilever is still priced at Tk 2.0 but its new pack now weighs 6.0 millilitre, which was 7.0ml earlier, he said.

A 50gm toothpaste tube of Close-Up brand, a Unilever product, was priced at Tk 35 few months back.

But the company has now been supplying a 45gm toothpaste tube and the price has been fixed at Tk 40 — a nearly 27 per cent hike in real term.

The price of 100gm toothpaste tube of Pepsodent (pro-sensitive) brand was Tk 80 a few months ago, but the company is now supplying a 90gm toothpaste tube with the price tag of Tk 90 — an increase of 25 per cent.

Also, the costs of dish, glass and bathroom cleaners and hair oil increased during the period.

The price of Parachute Hair Oil (200 ml), a product of Marico Bangladesh Ltd., increased to Tk 120 from Tk 108.

When contacted over mobile phone and email, Unilever Bangladesh media manager Ahsanur Rahman said that they need more time to make any comments.

But this FE correspondent didn’t receive any more feedback from the company as of Saturday, even after a wait for seven days.

However, Reckitt Benckiser Bangladesh declined to make any comment on the issue despite repeated attempts.

Company secretary of Kohinoor Chemical Co. Md Ferdows Jaman said they raised the price of Sandalina soap by 4.0 per cent following an increase in production cost.

The company has revised the price after three years, he added.

The company has 17 per cent of the market share for cosmetics and toiletries in the country.

Consumers Association of Bangladesh (CAB) secretary Humayun Kabir Bhuiyan said toiletries and homecare products are now considered daily essentials.

The rising prices of toiletries at such a high rate will definitely hit the commoners, he said.

He also said adjusting prices for inflation and the increased production costs is justifiable.

“But the companies have raised the price of their products to an unprecedented level this year,” he commented.

He said the import duty on soap and detergent ingredients like soap noodle, surfactant, enzyme stabilizer and polymer has not been increased in the current financial year, rather the government has reduced import duty on many items.

The commerce ministry should look into the issue to protect the interests of the consumers, he said.

The robust growth of the cosmetics and toiletries sector over the last 18 years has turned it into one of the vital money-spinning areas with an annual turnover of approximately Tk 150 billion, according to BCTMA and Bangladesh Cosmetics and Toiletries Importers’ Association (BCTIA).

Low-cost loan for govt employees to boost housing sector: REHAB

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Low-cost loan for govt employees to boost housing sector: REHAB

FE Report

Hailing the government’s move to provide low-cost housing loan to its employees, the realtors said it will help turn around the country’s real estate sector.

They also said such affordable home loan for nearly 1.2 million public servants will also give an impetus to the national economy, as 269 other sectors are related to housing.

The Real Estate and Housing Association of Bangladesh (REHAB) expressed these views at a press conference at a city hotel on Monday.

REHAB president Alamgir Shamsul Alamin, first vice-president Liakat Ali Bhuiyan, second vice-president Md Ahkam Ullah and vice-president Md Abdul Kauiam Chowdhury were present at the press conference.

Speaking on the occasion, Shamsul Alamin said the government employees will avail home loan at 5.0 per cent interest rate once the decision takes effect.

They can receive a loan of Tk 3.0 million to Tk 7.5 million depending on their pay-scale grade, he said.

Referring to the government’s goal of ‘housing for all’, the REHAB president said the circular regarding home loan is the reflection of this goal.

“We also expect the circular comes into effect in no time,” he added.

According to the government circular, the loan will carry a 10 per cent interest rate and is repayable in 20 years.

A borrower will have to pay 5.0 per cent interest while the government will provide the remaining 5.0 per cent on behalf of the borrower.

In response to a query, the REHAB leader said customers are showing interest in buying property in recent times after the announcement of ‘single digit’ interest on loans.

“But all of the financial institutions are not following the directives,” he added.

Regarding the prospect of secondary real estate market, he said the realtors are regularly participating in discussions with stakeholders in this regard.

Giving feedback to another query, he suggested that new buyers should remain cautious while purchasing flats or lands.

“I would request customers to check out our websites, where you can find the dos and don’ts about a property purchase,” he said.

He also called on the clients to make deals with the real estate companies affiliated with the REHAB.

Bay Terminal project should get top priority

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Bay Terminal project should get top priority

Chattogram-based businesses say

Staff Correspondent, Ctg

Business leaders based in Chattogram yesterday urged the government to give top priority to the Bay Terminal construction project to enhance the port’s capacity to cope with spiralling foreign trade.

Once constructed, the terminal with three times more space compared to Chittagong port would also be able to serve the neighbouring countries, including the north-eastern states of India, they opined. The country’s overall economic development mostly lies on the development of Chattogram, they said.

They also proposed for giving more focus on different development projects like elevated expressway, bullet train between Chattogram and Dhaka and stronger connectivity between Chattogram and three hill districts and Cox’s Bazar. The top businesses also demanded introduction of a separate ministry for the port to oversee and streamline the port’s activities.

They came up with the proposals at a seminar titled “Development roadmap – Chattogram division in the wake of Vision 2021 and Vision 2041” at World Trade Centre in Chattogram.

The Chittagong Chamber of Commerce and Industry (CCCI) in association with the finance and planning affairs sub-committee of the central Awami League organised the seminar.

Prime Minister’s Economic Affairs Adviser and Chairman of the Sub-Committee Mashiur Rahman chaired the event.

Rahman stressed the need for enhancing skills of manpower as well as better utilisation of the skilled manpower to attain the benefit of the country’s demographic dividend which will last till 2040.

He emphasised on creating more employment opportunities in this regard.

He said development does not only relate to growth, it also needs to bring changes to the people as well as the society and the issue should be addressed.

The country’s import and export activities would be hampered if the Chittagong port cannot work properly, Rahman said.

It is also necessary to ensure proper development of the country’s main seaport as well as making other ports like Mongla and Payra more effective, he said.

Member Secretary of the Sub Committee Tipu Munshi, who moderated the seminar, said they are organising such divisional seminars to collect proposals from the local business leaders regarding economic development at their respective localities.

“Later we would formulate reports and incorporate the suggestions in the party’s next election manifesto.”

Proper implementation of Mirsarai and two other economic zones would create around 1.5 crore jobs, CCCI President Mahbubul Alam said.

Alam also stressed the need for selecting real investors while allocating land in these economic zones.

The Bay Terminal should be implemented as a first track project since the terminal would be able to meet demand for the next 50 years, he said.

The chamber leader also demanded installation of scanners at all the 10 entry gates of Chittagong port and procurement of required equipment for the smooth operation of the port.

The weight limit set for cargo transport on the Dhaka-Chattogram highway is discriminatory for Chattogram-based businesses, Chittagong Customs Clearing and Forwarding Agents Association President AKM Akhter Hossain said. He demanded withdrawal of the limit.

Ruling party lawmaker Shamsul Haque Chowdhury, former CCCI vice president MA Salam, former directors Mahfuzul Hoque Shah, SM Abu Tayyab and Moinul Islam and BKMEA Director Showkat Osman spoke among others.

1,200 factories shuttered in four years

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1,200 factories shuttered in four years

BGMEA says

Star Business Report

Some 1,200 garment factories have been closed down over the last four years because of their lack of compliance and falling behind in the competitive landscape, BGMEA said

yesterday.

“It is our apprehension that some more factories will be shuttered soon as they are failing to make profits,” said Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association, the garment makers’ platform, at a press conference at its office in Dhaka.

Bangladeshi garment products have been losing competitiveness because of longer lead time, poor productivity and poor demand for apparel worldwide, Rahman said.

In 2014, the global market size for apparel was $483 billion; in 2017, the figure declined to $454 billion.

Between 2014 and 2018, the prices of Bangladeshi garment items declined in the US market by 11.72 percent while the cost of production increased 29.54 percent, the BGMEA chief said. Similarly, the prices of locally made garment items declined in the EU markets.

But at the same time, each of the garment owners has spent Tk 3-5 crore for fixing the electrical and structural loopholes as per the recommendations of the Accord and Alliance experts.

The cost of production will go up further after the implementation of the recommended minimum wage of Tk 8,000 from December this year, Rahman said. At present, the garments sector’s minimum wage is Tk 5,300.

The wage comprises nearly 5 percent of the total production cost of garment items, according to industry insiders.

However, a section of people have been disseminating wrong information for creating a chaotic situation in the garment sector ahead of the implementation of the proposed wage structure, he said.

For instance, the National Garment Workers Federation at a recent press conference said only 3 to 5 percent of the total workers in the garment sector are in the seventh grade.

“This information is wrong,” Rahman said, adding that more than 20 percent of the workers belong to the seventh grade or the entry level now.

The BGMEA leader also praised the statement of the Clean Clothes Campaign, the International Labour Rights Forum and the Maquila Solidarity Network, which urged 25 international retailers to hike the prices of garment items sourced from Bangladesh.

At the same time, American Apparel and Footwear Association, which last year sent a letter to the prime minister of Bangladesh for increasing the wage of the workers, should now urge the buyers to increase the prices of the products.

The garment sector has been witnessing a peaceful and calm situation over the last four years as there were no incidents of unrest. But, if a section of trade unions disseminates wrong information there is a possibility of unrest in the sector, he said.

A lot of workers will lose their jobs if any garment factory is shut down for any reason, he added.

SDGs not possible without youth uplift: experts

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SDGs not possible without youth uplift: experts

Star Business Report

The Sustainable Development Goals will not be achieved without ensuring quality education and employment for the youth, experts said yesterday.

There is no doubt that the country is facing different challenges when it comes to the youth, said Gowher Rizvi, the prime minister’s foreign affairs adviser.

“We have to resolve the problems of the young generation as they will play a crucial role in implementing the SDGs within 2030,” he said at the inaugural session of a conference titled “Youth Conference 2018 – Bangladesh and Agenda 2030: Aspiration of the Youth”.

Citizen’s Platform for SDGs, Bangladesh organised the conference at the Krishibid Institution Bangladesh in Dhaka. This is a requirement to ensure balanced development.

In many cases, the potential of the youths remain unused, said Debapriya Bhattacharya, convener of the Citizen’s Platform for SDGs.

One in 10 young people are unemployed; and one in three highly educated youths also cannot manage jobs, he said.

In fiscal 2016-17, the rate of unemployment among persons with education of up to tertiary level stood at 11.2 percent, up 9 percent from a year earlier, according to data from the Bangladesh Bureau of Statistics.

The society is yet to ensure the rights of youth, including providing quality education, he said.

Bhattacharya, also a distinguished fellow of the Centre for Policy Dialogue, said the political parties will have to address the rights of the youths in their respective election manifesto for the upcoming national polls.

The country’s young voters now range from 4 crore to 5 crore.

After assuming power, the new government should implement the commitments made to the youths.

“The latest youth movements for quota reform in civil services, ensuring safe roads, withdrawing the VAT on education and the Shahbagh movement have inspired us,” he added.

The society would have to use the youths properly to ensure the country’s prosperity, said Biren Sikder, state minister for youth and sports.

“We will become a developed country by 2041 based on the power of youth,” he added.

To successfully implement the SDGs, every person in the country need to be honourable citizens, said Sultana Kamal, core group member of the Citizen’s Platform for SDGs.

“We should not tolerate any corruption,” said Kamal, also a human rights activist.

Among others, Sudipto Mukerjee, country director of UNDP in Bangladesh; Anisatul Fatema Yousuf, convenor of the Citizen’s Platform for SDGs; Hanif Sanket, a popular TV host; and Sabina Khatun, captain of the Bangladesh national women’s football team, also spoke.

In another session, discussants underscored the need for science-based education systems as it would ensure the required skilled manpower for industries.

The country does not need more commerce graduates at this moment; it requires science-based graduates and skilled manpower for managerial positions, said Syed Nasim Manzur, managing director of Apex Footwear.

Bangladesh has to pay $4.5 to $6 billion per year for hiring foreigners for managerial posts in different industries.

The youths can take over these positions if they groom themselves, he said while moderating a session styled “Bangladesh and Agenda 2030: expectation of youth”.

He suggested that the students study in physics, chemistry, mathematics and English to fulfil the demands of skilled manpower. Now, employers do not put much stress on a candidate’s academic background; rather, they look at the skills and potential of the job seekers, he added.

Globally, efficiency is given preference over educational pedigree, said Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue.

Students should look to gather skills and knowledge through the internet instead of wasting time on social media.

There is now a need to bring in massive changes to tertiary education to build skilled manpower, he added.

Youths should have the option of employment and entrepreneurship, said Bertha Gity Baroi, director of Caritas Bangladesh.

They should prepare themselves as per their aim in life from the beginning of their university life, she added.

Kaniz Fatema, president of Junior Chamber International, Dhaka North; and Banani Biswas, representative of Avizan, a non government organisation, spoke among others.

Garment makers mull tie-up with Sri Lankan firms

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Garment makers mull tie-up with Sri Lankan firms

They aim to add value, cut lead time

Refayet Ullah Mirdha

Bangladeshi garment manufacturers want to tie up with their Sri Lankan counterparts to add more value to the garment supply chain and reduce the lead time by at least 10 days.

The development comes after Malik Samarawickrama, Sri Lankan minister for development strategies, put forward the idea in a meeting with the leaders of Bangladesh Garment Manufacturers and Exporters Association last week.

“The business can happen in joint venture as well if we agree,” said Siddiqur Rahman, president of BGMEA, the garment sector’s apex trade body.

Under the agreement, the Bangladeshi garment manufacturers will send the basic items to different garment factories in Sri Lanka for finer washing, remaking and adding more value as Bangladesh has abundance of work orders now.

After remaking and finishing of the goods, Sri Lanka will ship them off with the ‘Made in Bangladesh’ label to different European markets from their deep sea port.

“This will take less time than if we do it all by ourselves. Plus, we will be able to sell the garment items at higher prices to retailers.”

A group of BGMEA leaders are scheduled to visit Sri Lanka soon to discuss the issue, according to Rahman.

Due to proximity of the Sri Lankan deep sea port to Europe, the lead time will be cut by at least 10 days.

“In the era of fast fashion, shorter lead time is very important as there are so many competitors.”

Any kind of garment products can be sent from Bangladesh to Sri Lanka to be re-exported.

However, Bangladeshi garment makers will primarily send the items that the local manufacturers are particularly not strong at.

For instance, Sri Lanka has an edge in innerwear, so if Bangladesh gets a lot of work orders for them, they would be sent to Sri Lanka for further value addition.

“We do not see any possibility of losing buyers from Bangladesh due to this initiative. Still, we are in the initial stage of the process,” Rahman added.

Regarding the initiative, Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, said there is nothing wrong with the initiative. “It can happen in international business. It is one kind of sub-contracting business but it will be done in between two states.” Mainly the small and medium garment factories that are not so much compliant and failing to make good profit would be interested in the business model.

“This is the automobile industry’s model.”

For instance, some parts of the automobile are made in China and some in Malaysia or in some other countries. But after the finished goods are assembled, they have one company’s brand.

“By doing so, both Bangladeshi and Sri Lankan businessmen will divide the profit. We need not be worried about losing buyers,” he said.

Currently, Sri Lankan’s market share in global apparel trade is 1.2 percent and Bangladesh’s stake is 6.5 percent.

Sri Lanka exports nearly $5 billion worth of garment items in a year while Bangladesh’s export last year hit $30.61 billion.

$200m ADB loan to improve rural roads

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$200m ADB loan to improve rural roads

Star Business Report

Asian Development Bank (ADB) has approved a loan of over $200 million to improve rural road networks that may benefit 51.5 million people in Bangladesh.

“Rural roads are critical to supporting the country’s agriculture sector, which accounted for more than 15 percent of the country’s gross domestic product in 2015,” said Lee Ming Tai, ADB senior rural development specialist, yesterday.

The sector also employs—directly or indirectly—about half of the workforce, said Tai in a statement.

ADB’s Rural Connectivity Improvement Project will support the government’s current Seventh Five Year Plan, which focuses on boosting rural incomes as well as agriculture’s contribution to economic development, reads the statement.

The Manila-based multilateral lender also said about 80 percent of the country’s population lives in rural areas and depends on agriculture for its livelihood.

But the sector is held back by several major constraints, including insufficient rural transport, inadequate market infrastructure, and more intense floods and cyclones related to climate change, it said. According to the ADB, only about 40 percent of the rural population has access to all-weather roads, and these roads make up only 28 percent of the total length of rural roads in the country.

The aim is to increase the percentage of rural roads classified as good from 43 percent in 2016 to 80 percent in 2020.

The ADB project will support this by improving about 1,700 kilometres of rural roads to all-weather standards in 34 districts.

Selection of roads takes into consideration factors such as population size, agricultural potential, the number of farms and commercial establishments, and economic potential.

A particular priority is those roads damaged by flashfloods in 2017. The roads will be designed with safety features, including signage, guard posts, and speed breakers.

The roads will be covered under contractual maintenance for five years after the date of construction on a pilot basis.

The total cost of the project, which is due for completion in November 2023, is $285.31 million.

The ADB will provide a concessional loan of $100 million and a regular loan of $100 million. The government will provide the remaining $85.31 million.

Low-cost loans empower women

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Low-cost loans empower women

Speakers at a dialogue say

Star Business Desk

 

Lower interest rates have a direct impact on women empowerment and ensure their active participation in the financial sector, said speakers at a dialogue.

They spoke at the National Dialogue for Women Entrepreneurs at the Midas Convention Centre in Dhaka on Friday.

Midas Financing Ltd (MFL), one of the top non-bank financial institutions in the country, organised the event to acknowledge achievements of women entrepreneurs and encourage them.

Women entrepreneurs at the grassroots who achieved remarkable success shared their stories and the support they received from the MFL in their journey, according to a statement.

The MFL has distributed SME loans among 887 women entrepreneurs, who accounted for 20 percent of the total amount disbursed. Besides, there are a huge number of women who availed other loan products and expanded their business successfully.

Apart from providing financial services and benefits, the MFL has extended support in the form of training programmes, investment plans, management guidance and marketing strategies.

“In this aspect its parent organisation Midas is playing an important role to groom entrepreneurs,” said the statement.

“From the very beginning, they are providing intellectual support to the entrepreneurs by arranging comprehensive trainings on different contemporary issues and developing them for taking on the challenge of the global economy,” said the statement. 

Rokia Afzal Rahman, chairperson of MFL and a former caretaker government adviser; Parveen Mahmud, chairman of Micro Industries Development Assistance and Services (Midas); Tina Jabeen, adviser of the IDEA Project under the ICT ministry; Md Safiqul Islam, managing director of SME Foundation; Md Ashraf Hossain, managing director of Joyeeta Foundation; Shaikh Md Salim, general manager of the SME & Special Programs Department of the central bank; and ASM Mashi-ur-Rahman, managing director of Midas, spoke.

Shafique-ul-Azam, managing director of MFL, and Shameem Ahmed, head of administration, were also present at the event, which was moderated by Zareen Mahmud, a chartered accountant.

PepsiCo sees massive potential in Bangladesh

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PepsiCo sees massive potential in Bangladesh

CEO of PepsiCo’s franchise Transcom Beverages sheds light on soft drinks industry

Khondoker Md Shoyeb

The soft drinks industry has tremendous potential in Bangladesh, which is a home to a big pool of young population and has posted healthy economic growth in the last 10 years.

The industry normally grows along with the economy, which is evident from annual per capita consumption of soft drinks in developed countries: it is 450 bottles in Germany, 550 in the US and 600 in Mexico but only 17 in Bangladesh.

Bangladesh also lags behind its peers in Saarc — India 25 bottles, Vietnam 45 and Sri Lanka 40.

“Now the CSD [carbonated soft drinks] manufacturers need some policy support to make the most of this opportunity and achieve exponential growth,” said Khurshid Irfan Chowdhury, managing director of Transcom Beverages Ltd, the franchise of PepsiCo in Bangladesh.

Consumption of hard drinks in Bangladesh is highly regulated whereas it is widely consumed in developed countries – another factor that offers immense opportunities for the sector to grow, he told The Daily Star in an interview last week.

The CSD manufacturers in Bangladesh are burdened with a whopping 43.75 percent value-added tax and supplementary duty, which is much lower in other Saarc nations.

Such taxes hover around 35.3 percent in India, 29.2 percent in Sri Lanka, 24.2 percent in Nepal and 30 percent in Bhutan, according to Chowdhury.

The government should lower the existing 25 percent supplementary duty on the CSD, which was 15 percent four to five years ago, he said.

In the last six years, the CSD manufacturers have invested around Tk 4,000 crore in the industry, he said.

“If the taxes are cut, the sales of soft drinks will increase manifold, more jobs will be created and more new investment will be made.”

The sector has grown at 7-8 percent annually in the last five years whereas Transcom Beverages has grown more than 18 times since its inception in 2000, he said.

“PepsiCo is now the strong CSD market leader in Bangladesh with a huge gap in market share with its competitors,” said Chowdhury, who has 28 years of experience in the fast moving consumer goods industry.

A majority of the remittance recipients and families of garment workers live in rural areas, where soft drinks consumption is growing very fast, he said.

“We are basically involved in the carbonated soft drinks business and water segment.”

“The list of our products include Pepsi, 7 Up, Mirinda, Mountain Dew, Slice, Pepsi Diet, Pepsi Black, 7 Up Lite and Aquafina. PepsiCo now occupies over 50 percent market share in the CSD clear category thanks mainly to the champion brand 7 Up.”

7 Up has been adjudged the most loved brand and the Best Beverage Brand in Bangladesh for the last eight years by Bangladesh Brand Forum.

Transcom Beverages became the best bottler in the world and won the International Bottler of the Year award twice — in 2009 and 2016.

In the Indian region, Transcom Beverages won the Best Bottler of the Year award six times. “Our plants in Dhaka and Chattogram have also won Best Plant awards twice.”

Chowdhury said Transcom Beverages has a special place in the world as a marketer of Pepsi-branded soft drinks.

Transcom Beverages has so far invested close to $180 million in the industry, said Chowdhury, who is one of the global recipients of the PepsiCo President’s Ring of Honor award for his performance in 2010.

This is the highest award for a person in the soft drinks industry given by PepsiCo among its operations in the globe.

Transcom Beverages is also a top taxpayer in the country, he said.

It won the award as the highest taxpayer company in fiscal 2014-15 and 2016-17 in the food and allied category and achieved “AAA” credit rating from 2012 to 2017.

“All these were possible because of the continuous support and guidance of Transcom Group’s Chairman Latifur Rahman, who has also been awarded as one of the top taxpayers of the country for years,” he said.

“Latifur Rahman along with his Transcom Group is widely respected in Bangladesh for maintaining business ethics, which has paid off for Transcom Beverages.”

The soft drinks industry entered Bangladesh with returnable glass bottles when there were only Pepsi and Coca-Cola, he said.

It flourished after the introduction of soft drinks in plastic bottles in the early 2000s, said the veteran marketer, who started his career with Unilever and worked in different capacities, including regional sales manager and brand manager.

Transcom Beverages has three plants: two in Dhaka and one in Chattogram, said Chowdhury, who was the sales director of Reckitt Benckiser before joining Transcom Beverages as general manager for sales and marketing.

“Despite being a franchise, we are self-sufficient in many cases. We have our own preform manufacturing plant, shrink wrapping machine, filling machine and carbon dioxide plant.”

“We have to bring in the concentrate from the mother organisation. Our main source is Singapore and one of the main hubs is Ireland.”

Transcom Beverages always believed in giving back to the society as the company strictly follows its motto “Performance with Purpose”, said Chowdhury, who hails from Chattogram.

The company regularly provides scholarships to meritorious students among the children of its employees.

“We have also extended funds among the Rohingyas through Transcom Group’s Faraaz Hossain Foundation. We have also been there for the victims of the recent flood in the country.”

Malaysia’s new approved direct investments rise to $19.18b

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Malaysia’s new approved direct investments rise to $19.18b

KUALA LUMPUR, Oct 29 (Xinhua): Malaysia’s new approved direct investments in the services, manufacturing and primary sectors rose by 17.7 per cent year-on-year to 80.2 billion ringgit (about 19.18 billion US dollars) in the first half of 2018, according to data released Monday.

Malaysian Investment Development Authority (MIDA) said in a statement that the approved investments come from 2,346 projects, and are expected to generate 60,181 job opportunities for Malaysia.

The domestic investments which contribute 67 per cent to the total approved investments, expanded 10.5 per cent year-on-year to 53.7 billion ringgit.

Meanwhile, foreign investments grew 35.3 per cent year-on-year to 26.5 billion ringgit, mainly driven by investments in the manufacturing and primary sectors.

The services sector remains as the key driver, with its approved investments standing at 50.9 billion ringgit.

The approved investments for the manufacturing industry increased 21.2 per cent year-on-year to 20.2 billion ringgit. The primary sector contributed 9.1 billion ringgit or 11.3 per cent to the total approved projects.

The foreign investments in approved manufacturing projects surged 63.1 per cent year-on-year to 15.2 billion ringgit, mainly supported by Chinese investment.

China accounted for 6.5 billion ringgit, or 43 per cent of the total foreign investments, in the manufacturing sector, followed by South Korea (16 per cent), Japan (10 per cent), Singapore (5 per cent) and France (4 per cent).

According to MIDA, the notable investments include a new manufacturing project from China for the basic metals industry that involves utilising “blast furnace” technology that not only produces quality end-products at a cheaper cost but can also contribute to a greener steel-making process.

This project, which offers 98 per cent of its total job opportunities to Malaysians, is expected to reduce imports of intermediate goods and will strengthen the metal and steel industry, it said.